Fifth & Pacific, formerly known as Liz Claiborne, had slimmed down from an empire of some 40 brands to three including Juicy Couture and Lucky Brand jeans, which it also has been aiming to shed to focus on its powerhouse brand Kate Spade.

It has agreed to sell intellectual rights to the Juicy Couture brand to brand-licensing firm Authentic Brands Group for $195 million and also reached a short-term licensing agreement with the group to allow for an orderly transition through the first half of next year.

"Ultimately, this is all about bringing Kate Spade to its full potential," Chief Executive William L. McComb said.

Lucky and Juicy both manufacture apparel and have retail store locations. While Lucky is best known for its denim products, Juicy made a splash on the scene with its brightly colored track suits. When its track suits fell out of favor with its core customer -- teens and women in their early twenties -- the brand failed to replace the lost sales with another blockbuster product.